Core Viewpoint - The focus of the iron ore market in 2025 is on the supply side, with expectations of a gradual increase in imports and domestic production, despite some challenges in the market dynamics [2][92]. Supply - In the first 11 months of 2025, China's iron ore imports showed a trend of first decreasing and then increasing, with a year-on-year increase of 8.76 million tons (1.5%) to 114 million tons, and the total for the year is expected to exceed 124.9 million tons [2][52]. - Domestic iron ore production is projected to reach 29.5 million tons in 2025, a year-on-year decline of 0.71%, but is expected to rebound in the fourth quarter as safety and environmental pressures ease [90]. - The iron ore pricing benchmark will be adjusted from 62% iron content to 61%, indicating a potential shift in the pricing system [91]. Demand - Domestic demand for iron ore in 2025 is estimated at 149.8 million tons, an increase of 5.997 million tons (+4.23%) year-on-year, with expectations for stable demand in 2026 [92]. - The real estate sector is expected to see a slowdown in declines, while infrastructure investment is projected to grow year-on-year, and the manufacturing sector remains positive [92]. Inventory - As of early December 2025, the inventory at 45 ports was 154 million tons, with a trend towards increased inventory due to a combination of slow production increases and resilient demand [93]. - The iron ore supply-demand balance is expected to shift towards a more relaxed state in 2026, with the possibility of continued inventory accumulation, although short-term tightness may occur due to weather and other factors [93].

Core Viewpoint - The A-share market is approaching a traditional "spring rally" period, with expectations for a potential early start in late December due to favorable market conditions and historical trends [1][2][5][18]. Market Trends - The Shanghai Composite Index has shown signs of recovery, recording three consecutive positive trading days since hitting a low on December 16 [2][14]. - Historical data indicates that the "spring rally" typically occurs from January to April, with a higher likelihood of positive returns during these months compared to December [5][17]. Investment Strategies - Three main investment themes have been identified for the upcoming "spring rally": 1. Technology sector, particularly AI and high-end manufacturing, supported by clear policy backing and industry trends [7][19]. 2. Consumer sector, which is showing signs of recovery after a prolonged adjustment, with improved valuation and institutional holdings [7][19]. 3. Cyclical industries such as non-ferrous metals and chemicals, benefiting from "anti-involution" policies and global demand recovery [7][19]. Performance of Companies - Several companies have reported significant profit increases, with seven stocks showing over tenfold growth in net profit for the first three quarters of the year compared to the previous year. These companies are closely aligned with the identified investment themes [9][21]. - Notable examples include: - Guangdong Mingzhu, with a net profit increase of 4141.92% due to increased production and sales of iron concentrate [10][21]. - AVIC Chengfei, a commercial aerospace stock, reporting a profit increase of 1831.38% [10][21]. Company Performance Data - A summary of companies with significant profit growth includes: - Guangdong Mingzhu: Net profit of 2.34 billion, up from 0.06 billion [23]. - AVIC Chengfei: Net profit of 21.69 billion, up from 1.12 billion [23]. - Other companies like Southern Precision and Huasheng Tiancheng also reported substantial profit increases [11][22].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Steel prices are supported by the cost side but suppressed by weakening demand and potential tightening of steel export expectations, maintaining a volatile trend [3] - After macro - events are settled, the trading logic of iron ore returns to fundamentals. With restrained shipments, steel mills' restocking needs, and coking coal price concessions, the downside space of iron ore prices is expected to be limited [20] - As the terminal winter - storage replenishment approaches, the inventory structure of coking coal is expected to improve. Coke spot still has room for price cuts from a valuation perspective, and attention should be paid to the progress of the steel mills' third - round price cut [29] - The fundamentals of ferroalloys are currently weak. Although the futures prices rebounded due to relevant policies, the rebound may stimulate enterprises to hedge and suppress prices [45] - With the strengthening expectation of new capacity production, the over - supply expectation of soda ash is intensifying. The weakening demand from glass and high inventories restrict the price of soda ash [59] - From December to before the Spring Festival, some glass production lines may undergo cold - repair, which may affect long - term pricing and market expectations. Currently, high intermediate inventories and off - season demand put pressure on the spot market [82] Summary by Directory Steel - **Futures Prices and Spreads** - On December 19, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3120, 3119, and 3151 yuan/ton respectively; the closing prices of hot - rolled coil 01, 05, and 10 contracts were 3276, 3269, and 3282 yuan/ton respectively [4] - The month - spreads of rebar and hot - rolled coil showed different changes compared to the previous day [4] - **Spot Prices and Basis** - Rebar and hot - rolled coil spot prices in different regions had minor changes on December 19, 2025. For example, the rebar summary price in China was 3325 yuan/ton, and the hot - rolled coil summary price in Shanghai was 3270 yuan/ton [8][10] - The basis of rebar and hot - rolled coil also changed slightly [8][10] - **Other Ratios** - The 01, 05, and 10 contract ratios of rebar to iron ore were all 4; the ratios of rebar to coke were all 2 on December 19, 2025 [17] Iron Ore - **Price Data** - On December 19, 2025, the closing prices of 01, 05, and 09 contracts were 798, 780, and 758 yuan/ton respectively, with daily changes of 1, 2.5, and 3 yuan/ton respectively [21] - The basis of different contracts showed a downward trend [21] - **Fundamental Data** - The daily average pig iron output was 226.55 tons, a week - on - week decrease of 2.65 tons; the 45 - port inventory was 15512.63 tons, a week - on - week increase of 81.21 tons [24] Coking Coal and Coke - **Futures Spreads and Ratios** - On December 19, 2025, the spreads of coking coal and coke contracts showed different changes compared to the previous day. For example, the coking coal 09 - 01 spread was 195 yuan/ton [32] - The coking profit, mine - coke ratio, etc. also changed [32] - **Spot Prices and Profits** - The spot prices of coking coal and coke in different regions had minor changes. The immediate coking profit was 24 yuan/ton [35] Ferroalloys - **Silicon Iron** - On December 19, 2025, the silicon iron basis in Ningxia was - 90 yuan/ton, a daily decrease of 48 yuan/ton; the silicon iron spot price in Ningxia was 5300 yuan/ton [46] - **Silicon Manganese** - The silicon manganese basis in Inner Mongolia was 82 yuan/ton, a daily decrease of 28 yuan/ton; the silicon manganese spot price in Ningxia was 5500 yuan/ton [47] Soda Ash - **Futures Prices and Spreads** - On December 19, 2025, the closing prices of soda ash 01, 05, and 09 contracts were 1120, 1176, and 1236 yuan/ton respectively, with daily decreases of 17, 17, and 14 yuan/ton respectively [60] - The month - spreads also changed [60] - **Spot Prices and Basis** - The spot prices of heavy and light soda ash in different regions remained stable. The basis of soda ash in different regions showed a downward trend [60] Glass - **Futures Prices and Spreads** - On December 19, 2025, the closing prices of glass 01, 05, and 09 contracts were 941, 1041, and 1138 yuan/ton respectively, with daily decreases of 12, 21, and 18 yuan/ton respectively [83] - The month - spreads and basis of glass contracts changed [83] - **Sales and Production Data** - The sales - to - production ratios of glass in different regions such as Shahe, Hubei, etc. showed different trends in December 2025 [84]

Core Viewpoint - Jinling Mining's stock price has shown significant growth this year, with a year-to-date increase of 51.01%, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of December 19, Jinling Mining's stock price rose by 2.05% to 8.97 CNY per share, with a trading volume of 28.35 million CNY and a turnover rate of 0.54% [1]. - The stock has experienced a slight increase of 0.45% over the last five trading days, 0.22% over the last twenty days, and 4.18% over the last sixty days [2]. - The company has appeared on the trading leaderboard three times this year, with the most recent instance on July 14, where it recorded a net buy of -61.22 million CNY [2]. Group 2: Financial Performance - For the period from January to September 2025, Jinling Mining reported a revenue of 1.247 billion CNY, reflecting a year-on-year growth of 12.98%, and a net profit attributable to shareholders of 220 million CNY, which is a 47.09% increase year-on-year [2]. - The company has distributed a total of 668 million CNY in dividends since its A-share listing, with 268 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of December 10, the number of shareholders for Jinling Mining was 34,800, a decrease of 1.27% from the previous period, while the average number of circulating shares per person increased by 1.29% to 17,087 shares [2]. - Notable institutional shareholders include Huaxia Excellence Growth Mixed Fund, which is the fifth-largest shareholder with 3.3261 million shares, and Guotai CSI Steel ETF, the seventh-largest shareholder with 3.0028 million shares, both of which are new entrants [3]. Group 4: Business Overview - Jinling Mining, established on September 28, 1996, and listed on November 28, 1996, is primarily engaged in the mining of iron ore and the production and sale of iron concentrate, copper concentrate, cobalt concentrate, and pellet ore [2]. - The company's main revenue sources are iron concentrate (76.99%), pellets (9.03%), other (8.46%), copper concentrate (5.10%), and mechanical processing (0.41%) [2].

1. Report's Industry Investment Ratings - **Bullish**: BR Rubber [1] - **Bearish**: Industrial Silicon, Palm Oil [1] - **Neutral (Oscillation)**: Bonds, Agricultural Products, Alumina, Zinc, Stainless Steel, Tin, Precious Metals (Gold, Silver, Platinum, Palladium), Rebar, Hot - Rolled Coil, Iron Ore, Manganese Ore, Ferrosilicon, Glass, Soda Ash, Coking Coal, Coke, Soybeans, Rapeseed Oil, Cotton, Sugar, Wheat, Corn, Pulp, Logs, Live Pigs, Crude Oil, Fuel Oil, Bitumen, Ethylene Glycol, Benzene - Naphtha, Urea, Propylene, PVC, Caustic Soda, LPG, Container Shipping to Europe [1] 2. Core Views of the Report - In the short term, the stock index is expected to continue its weak trend, but the market adjustment since mid - November has opened up space for the upward movement of the stock index next year [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned about interest - rate risks [1] - The market sentiment is volatile, and there are opportunities to go long at low levels for some products [1] 3. Summary by Industry Macro - Financial - **Stock Index**: Short - term weak operation, long - term upward potential. Investors can gradually establish long positions during the adjustment period [1] - **Bonds**: Asset shortage and weak economy are favorable, but short - term interest - rate risks are warned. Pay attention to the Bank of Japan's interest - rate decision [1] Non - Ferrous Metals - **Aluminum**: High - level wide - range oscillation due to limited industrial drive and fluctuating macro sentiment [1] - **Alumina**: Weak domestic fundamentals, short - term price rebound but limited upward drive [1] - **Zinc**: Fundamentals improved, cost center shifted up, but price is under pressure. Pay attention to low - buying opportunities [1] - **Nickel**: After a sharp decline, there is a demand for position - reduction repair. Short - term trading is recommended, and the long - term supply of primary nickel is in surplus [1] - **Stainless Steel**: Short - term trading is recommended, waiting for opportunities to sell on rallies [1] - **Tin**: Short - term oscillation, long - term bullish. Pay attention to low - buying opportunities during corrections [1] Precious Metals and New Energy - **Precious Metals**: Supported by the cooling of the US CPI in November, but short - term volatility risks need to be vigilant [1] - **Industrial Silicon**: Bearish due to increased production in the northwest, reduced production in the southwest, and decreased production schedules of polysilicon and organic silicon in December [1] - **Polysilicon**: There is an expectation of capacity reduction in the long - term, marginal improvement in terminal installation in the fourth quarter, and strong price - holding and low - delivery willingness of large enterprises [1] - **Lithium**: In the traditional peak season of new energy vehicles, with strong energy - storage demand, increased production on the supply side, and the potential to break through previous highs [1] Ferrous Metals - **Rebar and Hot - Rolled Coil**: Roll over and take profits on cash - and - carry positions. Valuation is not high, and short - selling is not recommended [1] - **Iron Ore**: Near - month contracts are restricted by production cuts, but far - month contracts have upward potential [1] - **Manganese Ore and Ferrosilicon**: Prices are under pressure due to weak direct demand, high supply, and inventory accumulation [1] - **Glass and Soda Ash**: Supply and demand provide support, valuation is low, but short - term price fluctuations are strong [1] - **Coking Coal and Coke**: After a decline, there are signs of stabilization. Pay attention to winter - storage replenishment by downstream enterprises this week [1] Agricultural Products - **Palm Oil**: Short - term short - selling is recommended due to continuous negative high - frequency data and high pressure on the origin [1] - **Soybeans**: Pay attention to the negative impact of imported soybean auctions on the supply side [1] - **Rapeseed Oil**: It is recommended to short the 05 contract as the near - term raw - material shortage theme is expected to be exhausted [1] - **Cotton**: The market is currently supported but lacks a driving force. Pay attention to relevant policies and market conditions in the future [1] - **Sugar**: There is a consensus on short - selling, but there is strong cost support below. Pay attention to changes in the capital side [1] - **Wheat and Corn**: The short - term decline is limited by farmers' price - holding sentiment and downstream stocking demand before the Spring Festival [1] - **Pulp**: Unilateral trading is recommended to wait and see, and consider the 1 - 5 reverse spread [1] - **Logs**: The 01 contract is expected to oscillate weakly as it approaches the delivery month [1] - **Live Pigs**: Production capacity still needs to be further released [1] Energy and Chemical Industry - **Crude Oil and Fuel Oil**: Affected by OPEC+ production - suspension, the uncertainty of the Russia - Ukraine peace agreement, and US sanctions on Venezuelan oil exports [1] - **Bitumen**: Follows crude oil in the short term, with high profit and possible falsification of the 14th - Five - Year Plan's rush - demand [1] - **BR Rubber**: Bullish due to improved cost - side support, increased sales, and high operating rates [1] - **PTA and Short - Fiber**: The PTA device operates at a high load, and short - fiber prices follow costs closely [1] - **Ethylene Glycol**: Prices decline due to inventory accumulation and weakening cost support [1] - **Benzene - Naphtha**: There is slight cost - side support, but overall production economy is negative, and inventory is high [1] - **Urea, Propylene, PVC, and Caustic Soda**: Prices oscillate due to factors such as supply - demand imbalance, cost changes, and reduced anti - involution sentiment [1] - **LPG**: The market is affected by geopolitical factors, and prices oscillate after a decline. Pay attention to the impact of natural gas on near - month prices [1] Other - **Container Shipping to Europe**: The price increase in December was less than expected, and the supply of shipping capacity was relatively loose [1]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The supply - demand pattern of iron ore is weak. At the end of the year, steel mill production is weakening, and the terminal consumption of ore is continuously declining. The average daily hot metal production and imported ore consumption of sample steel mills decreased again this week, both reaching relatively low levels. The profit situation of steel mills has not improved, and the weak demand pattern remains unchanged, continuing to put pressure on steel prices. Attention should be paid to whether the pre - Spring Festival stockpiling can bring about demand improvement. - Domestic port arrivals have increased significantly, and overseas miners' shipments have continued to increase, hitting a new high for the single - week within the year. They are actively ramping up production at the end of the year. Even though domestic mine production is weakening, the overall ore supply remains at a high level. - In general, iron ore demand continues to weaken, and supply remains high. The supply - strong and demand - weak situation leads to poor fundamentals of the ore. The ore price is under pressure at a high level, but the structural contradiction in the spot market is unresolved, providing support for the ore price. It is expected that the ore price will maintain a high - level oscillating trend, and caution should be exercised regarding the shift of the trading logic to the real - world situation [2]. 3) Summary by Related Catalogs Inventory - 45 - port iron ore inventory is 15,512.63, with a week - on - week increase of 81.21, an increase of 302.51 compared to the end of last month, and an increase of 465.74 compared to the same period (lunar calendar). - 247 steel mills' imported ore inventory is 8,723.95, with a week - on - week decrease of 107.25, a decrease of 218.53 compared to the end of last month, and a decrease of 561.59 compared to the same period (lunar calendar) [1]. Supply - Domestic 45 - port iron ore arrivals are 2,723.40, with a week - on - week increase of 242.90, a decrease of 93.70 compared to last month, and an increase of 426.20 compared to the same period (lunar calendar). - Global iron ore shipments are 3,592.50, with a week - on - week increase of 223.94, an increase of 314.08 compared to last month, and an increase of 498.90 compared to the same period (lunar calendar) [1]. Demand - The average daily hot metal production of 247 steel mills is 226.55, with a week - on - week decrease of 2.65, a decrease of 8.13 compared to last month, and a decrease of 7.32 compared to the same period (lunar calendar). - 45 - port average daily ore removal volume is 313.45, with a week - on - week decrease of 5.74, a decrease of 18.13 compared to last month, and a decrease of 22.42 compared to the same period (lunar calendar). - 247 steel mills' imported ore daily consumption is 280.56, with a week - on - week decrease of 2.71, a decrease of 8.87 compared to last month, and a decrease of 9.21 compared to the same period (lunar calendar). - The weekly average of main - port iron ore transactions is 92.13, with a week - on - week decrease of 4.71, a decrease of 11.59 compared to last month, and a decrease of 22.03 compared to the same period (lunar calendar) [1].

1. Report Industry Investment Ratings - No information regarding industry investment ratings is provided in the reports [1][3][4] 2. Core Views Steel Industry - Steel prices are expected to continue range - bound oscillations. The current decline in steel apparent demand restrains the upward price drive, but steel mill production cuts and inventory reduction provide bottom - end support. It is recommended to wait and see for now [1] Iron Ore Industry - The iron ore market is gradually weakening, with the iron ore valuation under pressure. The strategy is to go long on the Iron Ore 2605 contract when the price is low and recommend the 1 - 5 positive spread arbitrage [3] Coke and Coking Coal Industries - Both the coke and coking coal futures markets have shown over - decline. The short - term strategy is to bet on a rebound and go long on the Coke 2605 and Coking Coal 2605 contracts when the price is low [4] 3. Summary by Directory Steel Industry Steel Prices and Spreads - Steel prices generally increased. For example, the spot price of rebar in East China rose from 3280 yuan/ton to 3300 yuan/ton, and the 05 contract of rebar increased from 3084 yuan/ton to 3125 yuan/ton. The basis of steel weakened [1] Cost and Profit - The cost of steel production increased, such as the cost of Jiangsu electric - arc furnace rebar rising by 5 yuan/ton. The profit of hot - rolled coils decreased, with the profit in East China dropping from - 24 yuan/ton to - 35 yuan/ton [1] Production - The daily average pig iron output slightly increased by 0.1%, while the output of five major steel products decreased by 1.0%. The rebar output increased by 1.6%, and the hot - rolled coil output decreased by 5.4% [1] Inventory - The inventory of five major steel products decreased by 2.8%, the rebar inventory decreased by 5.6%, and the hot - rolled coil inventory decreased by 1.6% [1] Transaction and Demand - The building materials trading volume increased by 2.8%, the apparent demand for five major steel products decreased by 0.5%, the apparent demand for rebar increased by 2.7%, and the apparent demand for hot - rolled coils decreased by 4.4% [1] Iron Ore Industry Iron Ore - related Prices and Spreads - The warehouse receipt costs of various iron ore types increased, such as the warehouse receipt cost of PB powder rising from 834.8 yuan/ton to 842.5 yuan/ton. The 01 contract basis of most iron ore types decreased [3] Supply - The global iron ore shipping volume increased by 6.6% week - on - week, and the arrival volume at 45 ports increased by 9.8%. However, the national monthly import volume decreased by 4.3% [3] Demand - The daily average pig iron output of 247 steel mills decreased by 1.2%, the daily average port clearance volume at 45 ports decreased by 2.4%, and the national monthly pig iron and crude steel output decreased by 4.9% and 3.0% respectively [3] Inventory Changes - The inventory at 45 ports decreased by 0.3%, the imported iron ore inventory of 247 steel mills decreased by 1.7%, and the available inventory days of 64 steel mills increased by 5.0% [3] Coke and Coking Coal Industries Coke - Coke futures showed a strong rebound during the day and oscillated at night. The second round of price cuts for coke was implemented on December 12, and there is still an expectation of further cuts in the short term. The supply side has a delayed adjustment in coke prices compared to coking coal, and the demand side is affected by steel mill losses and reduced pig iron output [4] Coking Coal - Coking coal futures had a strong rebound during the day and oscillated at night. The spot auction prices of coking coal became mixed, and the supply side faced issues such as poor coal mine shipments and a slight decrease in daily output. The demand side was affected by steel mill losses and reduced pig iron output [4]

Group 1 - The spot price of iron ore at Qingdao Port is reported at 787 CNY/ton for 61.5% PB powder, with a basis of 9 CNY/ton [1] - On December 18, the futures market closed with the main iron ore contract at 777.5 CNY/ton, reflecting a 1.63% increase, with a trading volume of 322,377 lots [1] - Nationally, the total iron ore transaction at major ports reached 831,000 tons, a decrease of 18.05% compared to the previous period [3] Group 2 - The Brazilian government of Amapá plans to restart iron ore production at the Amapá project, potentially attracting up to 200 million USD in investment [3] - Cadence has raised 600,000 USD on the London Stock Exchange to resume operations at the Aztec small mine, which is expected to produce 380,000 to 400,000 tons of iron concentrate annually [3] Group 3 - According to Nanhua Futures, the trading logic for iron ore has returned to fundamentals, with supply constraints from major mining companies and low steel mill inventories indicating a need for restocking [4] - Despite a seasonal decline in pig iron production, a recovery is expected in January, while rebar and hot-rolled coil production has decreased more than seasonally, alleviating inventory pressure [4] - The high production levels and accumulation of coking coal inventories are providing downward price support for iron ore [4]

黑色建材日报 | 2025-12-18 供需矛盾不足，钢价震荡运行 钢材：供需矛盾不足，钢价震荡运行 市场分析 昨日螺纹钢期货主力合约收于3084元/吨，热卷主力合约收于3245元/吨。现货方面，昨日钢材现货成交整体一般偏 弱，价格和昨日基本持稳，成交略弱于昨日，低价出货意愿增加。全国建材成交99463。 供需与逻辑：建材方面：钢谷数据显示建材产量转增，库存持续降库，需求维持稳定。板材方面：板材高库存持 续压制板材价格，需求韧性仍在。短期明年扩内需等政策预期仍在，基本面矛盾不足，价格底部关注环保及季节 性减产情况、需求及产量变化、利润状况、成本支撑、原料补库、钢材出口及国内政策 策略 单边：震荡 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、成材产销情况、钢材出口、钢厂利润、成本支撑等。 铁矿：供需矛盾后置，矿价持续震荡 市场分析 期现货方面：昨日铁矿石期货价格震荡运行，最终铁矿石2605合约收盘765元；现货方面，报价整体小幅上涨、成 交一般，贸易商报盘积极性一般，钢厂维持按需补库，采购价格多随行就市。 供需与逻辑：供应端海外发运量维持高位，前期高发运陆续到港，港口呈累库趋势，供应相对宽松。需求 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Overall**: The black - metal industry is in a state of weak supply and demand during the consumption off - season, with significant inventory pressure. For steel products, the cost support has weakened due to the sharp decline in coking coal prices. For iron ore, the decline in steel production suppresses raw material prices, and the rising port inventory also exerts pressure on futures prices [2][5]. - **Operation Suggestions**: For both steel products (thread and hot - rolled coil) and iron ore, it is recommended to hold long positions lightly. For steel products, short - selling is not recommended at the current position. For iron ore, a mid - term trading approach with an oscillatory mindset should be adopted, avoiding chasing highs or selling lows [2][5]. 3. Summary by Directory 3.1 Thread and Hot - Rolled Coil - **Supply and Demand**: Last week, the production of thread and hot - rolled coil decreased, and the overall inventory continued to decline. However, the inventory of hot - rolled coil was still significantly higher than the same period in previous years, and the de - stocking pressure of thread was relatively small. The apparent demand declined overall, and the market was in a state of weak supply and demand. As the steel mill's gross profit dropped significantly and the consumption peak has passed, the steel production is expected to continue to decline slowly [2]. - **Cost**: The sharp decline in coking coal prices has weakened the cost support for steel [2]. - **Technical Analysis**: On the daily K - line chart, the 05 contract of steel briefly fell below the oscillation range and then rebounded quickly. Currently, it has not broken out of the recent oscillation range or formed a downward breakthrough [2]. - **Data**: - **Prices**: The closing prices of the main contracts of thread steel and hot - rolled coil showed different changes compared to the previous day and week. The spot prices of some products remained unchanged or decreased slightly [3]. - **Production**: The production of national building material steel mills' thread steel and hot - rolled coil decreased week - on - week. The production of electric - arc furnace steel mills' thread steel increased significantly [3]. - **Inventory**: The social inventory of five major steel products and thread decreased, while the social inventory of hot - rolled coil decreased slightly. The steel mill inventory of five major steel products and hot - rolled coil increased, while the steel mill inventory of thread decreased [3]. - **Apparent Demand**: The apparent demand of five major steel products, thread, and hot - rolled coil decreased week - on - week [3]. 3.2 Iron Ore - **Demand**: The production and apparent demand of five major steel products decreased last week. With the arrival of the consumption off - season, the molten iron production is likely to decline seasonally. The steel mill's production reduction suppresses the raw material prices. The pre - holiday replenishment demand will come later this year due to the late Spring Festival [5]. - **Supply**: Global iron ore shipments are still at a high level, and the continuous increase in port inventory suppresses the futures prices [5]. - **Technical Analysis**: The 05 contract of iron ore has not broken out of the wide - range oscillation at a relatively high level [5]. - **Data**: - **Prices**: The spot and futures prices of iron ore showed different changes compared to the previous day and week. The prices of various iron ore powder products in different ports also changed [5]. - **Shipments**: The Australian iron ore shipments decreased, while the Brazilian iron ore shipments increased significantly [5]. - **Inventory**: The port inventory of iron ore increased, while the sintered powder inventory of imported ore in 64 sample steel mills decreased [5]. 3.3 Industry News - As of the week ending December 17, according to Zhaogang.com data, the national building material production increased, the factory inventory increased slightly, the social inventory decreased, and the total inventory decreased. The apparent demand increased [7]. - The government of Amapá state in Brazil plans to restart the iron ore production of the Amapá project, which is expected to attract up to $200 million in investment. Cadence recently raised $6 million on the London Stock Exchange to resume the operation of the Azteca small - scale mine, with an expected annual production of 380,000 - 400,000 tons of iron concentrate [7].